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Gold, Silver, Platinum Forecasts – Gold Pulled Back Below $2500
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Key Points:
- Gold moved away from historic highs as traders took some profits off the table after the strong rally.
- Silver tested the $29.00 level as gold/silver ratio climbed towards 85.50.
- Platinum made an attempt to settle below the support at $935 - $940.
Gold
Gold is under pressure as traders continue to take profits near historic highs. U.S. dollar’s rebound served as an additional negative catalyst for gold markets.
If gold settles below the $2475 level, it will head towards the nearest support at $2445 – $2450.
Silver
Silver is moving lower as traders focus on the strong pullback in gold markets. Gold/silver ratio climbed towards the 85.50 level, which was bearish for silver.
A move below the support at $28.75 – $29.00 will push silver towards the next support level at $27.20 – $27.50.
Platinum
Platinum is losing ground amid broad pullback in precious metals markets.
The technical picture remains unchanged as platinum is stuck between the support at $935 – $940 and the resistance at $975 – $985.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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